Globalization is an attitude of mind- it is a mindset which views the entire world as a singlemarket so that the corporate strategy is based on the dynamics of the global businessenvironment.Globalization encompasses the following:
Doing, or planning to expand business globally.
Giving up the distinction between the domestic market and foreign market anddeveloping a global outlook of the business.
Locating the production and other physical facilities on a consideration of the global business dynamics, irrespective of national considerations.
Basing product development and production planning on the global marketconsiderations.
Global sourcing of factors of production i.e, raw materials, components, machienery,technology, finance etc.. are obtained from the best source anywhere in the world.
Global orientation of organizational structure and management culture
) in its literal sense is the process of transformation of local or regional phenomena into global ones. It can be described as a process by which the people of theworld are unified into a single society and function together.This process is a combination of economic, technological, sociocultural and political forces.
Globalization is often used to refer to economic globalization, that is, integration of nationaleconomies into the international economy through trade, foreign direct investment,capital flows,
migration, and the spread of technology.Saskia Sassenwrites that "a good part of globalization consists of an enormous variety of micro- processes that begin to denationalize what had been constructed as national - whether policies,capital, political subjectivities, urban spaces, temporal frames, or any other of a variety of dynamics and domains."The United Nations ESCWA has written that globalization "is a widely-used term that can be
defined in a number of different ways. When used in an economic context, it refers to thereduction and removal of barriers between national borders in order to facilitate the flow of goods, capital, services and labour...although considerable barriers remain to the flow of labour...Globalization is not a new phenomenon. It began in the late nineteenth century, but itsspread slowed during the period from the start of the First World War until the third quarter of the twentieth century. This slowdown can be attributed to the inwardlooking policies pursued by